TOTE BOOKMAKERS LIMITED
Company number: 00852040
Reporting period:
1 April 2019 to 29 September 2019
Report filed on:
18 October 2019
Approved by:
Nicola Barr
Payment statistics
Average time taken to pay invoices: 23 days
Invoices paid:
- within 30 days: 82%
- in 31 to 60 days: 17%
- in 61 days or more: 1%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 18%
Payment terms
Shortest standard payment periods
7 days
Longest standard payment period
60 days
Standard payment terms
Tote Bookmakers Ltd Standard Payment Terms are 30 days from the date of the invoice, unless specifically specified in the contract. Betfred utilise a number of small suppliers, often sole traders, and payment terms for these supplier are seven days to ensure that supplier cashflows are not adversely impacted. Suppliers are informed of standard terms during the account set up and application process.
Were there any changes to the standard payment terms in the reporting period?
Answer not provided
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
60 days
No further comment provided
Any other information about payment terms
N/A
Dispute resolution process
Tote Bookmakers Ltd operate a Purchase to Pay System for the majority of supplier spend and where there is a dispute regarding delivery or price this will be flagged by the system when the invoice is processed. When a dispute is identified the originator of the Purchase Order will request a Credit Note for the disputed items / price variance from the supplier. Where appropriate part payment may be agreed for goods/services received.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No